Page 211 - SALIK PR REPORT JANUARY 2024

1/3/24, 11:09 AM DFM witnesses 57,000 surge in new investor accounts
December surge

A notable spike in new accounts occurred in December, with a staggering year-on-year increase
of 184 percent. During this month, DFM recorded 6,088 new accounts, underscoring the robust
demand from investors.

This growth was particularly due to the initial public offering (IPO) of the Dubai Taxi Company.
Investors were seeking to capitalize on the IPO of the government-owned taxi service.
Therefore, the enthusiasm surrounding this offering contributed significantly to the substantial
growth witnessed in the last month of the year.

This influx of new investor accounts is poised to strengthen DFM, injecting the potential for
greater liquidity and heightened trading activity. Fresh capital and increased market
participation are good signs for the overall health and vibrancy of the financial ecosystem in
Dubai.

Dubai’s financial market

The listing of Dubai Taxi Company among other government-owned companies falls under
Dubai’s plan to list 10 state-owned companies. Hence, Dubai aimed to increase the size of its
financial market to AED3 trillion. The government-owned companies on DFM include Dubai
Electricity and Water Authority, TECOM, Salik, and Empower.

Brokerage firms’ performance

In addition to the surge in new investor accounts at DFM, the 29 brokerage firms operating in
DFM executed an impressive 3.83 million transactions in 2023. This represents a remarkable
32.7 percent increase compared to the 2.88 million transactions recorded in 2022. The surge in
transaction volume further underscores the growing dynamic of Dubai’s financial landscape.

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